Sigh, do you not pay attention to the history of your own favorite Corporate Media Outlet?
I don't need links, I'll prove it to you all on my own.
In 2003, the restriction on Single Ownership Media presence in a market was limited to 35%.
In addition, there were specific restrictions barring ownership of newspaper and TV Station ownership in a single market.
At that time, NewsCorp owned 2 major Media television outlets in the New York Area: Fox 5, and FoxNews. They also owned the New York Post. This was in direct violation of the Telecommunications Act of 1996. They also held a greater than 35% media stake in several metropolitan areas across the country, but New York is the example I'm going to use.
In 2003, NewsCorp wanted to expand further by buying a controlling stake in DirectTV, this would further expand it's media presence in several markets, even though they were already beyond the limits set by law.
The Bush appointed FCC, under chairman Michael Powell, decided to de-regulate the market limits altogether in June of 2003, which conveniently allowed NewsCorp to legally own their existing holdings and pave the way for NewsCorp's further expansion.
In the New York area, this culminated in NewsCorp's purchase of DowJones Publications in 2007, giving them the Wall Street Journal, as well as several other media publications, as well as NewsCorp's founding of the FoxBusiness Channel in all major markets.
All of this is easily verifiable. Google is a wealth of information.